APPLE reversal months after parabolic rise
What is happening with APPLE stocks? We are seeing the second-month parabolic rise from March 2020 slowing down. Does this mean so long wait for a healthy pullback is over? Should you be building the buying position…If we look at the monthly chart we can see a huge reversal month happened in September, but the stock value is well above 100. But previous month reversal was a warning sign and could indicate that a long impulsive 5 wave parabolic rise (with extended extreme 5th wave) did come to an end, so we could expect correction before anything else.
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The only thing that we can’t rule out is a violent price action heading into November US election uncertainty, so consolidation and a possible double top 128.60 test is not excluded. At the moment a break and confirmation of a break below 115 will be a clear indicator that the correction is getting traction before any double top retest. We can see that clearly on the weekly chart below. In that case, we can expect that our indicated 100 will come on fire even before the elections.
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We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
